Vancouver, BC, Canada – February 28, 2022
MINERAL HILL AND GEMSCO AGREE TO TERMIATE THEIR MOU AND NEGOTIATE AN LOI UNDER AMENDED TERMS
Mineral Hill Industries Ltd. (“Mineral Hill” or “Company”), listed on the TSX Venture Exchange (“TSXV”) under the trading Symbol “MHI”, and on the Deutsche Boerse, Frankfurt under the trading Symbol “MLN” wishes to announce that after careful consideration of all aspects of the non-binding Memorandum of Understanding (“MOU”) announced on November 17, 2021, with an overseas corporation (“GEMSco”) which is involved in the business of acquiring and financing mineral resource assets consisting of alluvial gems and minerals located in South Africa, the Company and GEMSco agreed to terminate the MOU and enter into a Letter of Intent (“LOI”) with terms resulting in a change of control positions within the Company to be announced shortly.
As the parties are not continuing under the terms of the MOU, Mineral Hill is herewith canceling the “Bridge Financing” of $150,000, announced on December 13, 2021, to cover the upcoming costs associated with the completion of a possible RTO under the MOU.
The Company stated within the above News Release, to continue this spring with Phase II of its exploration, development program and its primary objective to acquire 100% of the Dot-Apex Claim Group and the Master-ACE Claim Group, located in south-western British Columbia, encouraged by the analytical lab results from its Phase I exploration program during 2021.
To fund Phase II of its above 2022 exploration program, the Company will very shortly announce a new tax deductible “Flow-Through” share financing, qualifying as “flow-through mining expenditures” under the Income Tax Act (Canada) and a new bridge financing to cover the remaining costs to acquire 100% of the Dot-Apex and Master-ACE claims and for general working capital.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The Company seeks Safe Harbor.
For further information contact the Company or:
Dieter Peter, President & CEO; Phone: (604) 617-6794